(Reuters) – The New York Stock Exchange ended lower on Thursday after the release of inflation data broadly in line with expectations, without calling into question the assumption of a status quo on Fed rates in September .
The Dow Jones index fell 0.48%, or 168.33 points, to 34,721.91 points.
The broader S&P-500 lost 7.21 points, or 0.16%, to 4,507.66 points.
The Nasdaq Composite advanced for its part by 15.66 points (0.11%) to 14,034.969 points.
The Nasdaq hit its highest level in four weeks during the session, after the release of the report from the US Commerce Department, which showed that the PCE consumer price index rose 0.2% in July on one month, an increase identical to that of June.
The core PCE inflation index, which is closely monitored by the Federal Reserve and which excludes the volatile elements of energy and food, rose by 0.2%.
Investors expect the Fed not to raise rates at its September meeting, according to CME Group’s Fed Watch Barometer.
“Investors think the Fed depends on data, and data favors the market. All these interest rate hikes are paying off,” said Jake Dollarhide, managing director of Longbow Asset Management in Oklahoma.
All eyes are now on the release of non-farm payrolls data on Friday for additional clues about the interest rate campaign.
The ten-year US Treasury yield fell to 4.09%, boosting major growth stocks including Amazon and Meta Platforms.
Salesforce advanced after raising its revenue forecast for the current quarter.
Dollar General fell as the retailer lowered its full-year like-for-like revenue forecast.
(Report Shristi Achar A, Amruta Khandekar and Noel Randewich; French version Camille Raynaud)
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